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Acquisitions

AcquisitionsFloridaGeorgiaNewsTexas

Lone Star Funds Acquires 10-Property Discovery Portfolio from Healthpeak for $334M

by Jeff Shaw

DALLAS — Lone Star Funds, a Dallas-based private equity firm, has acquired a 10-property portfolio of properties operated by Discovery Senior Living in Florida, Texas and Georgia. Healthpeak (NYSE: PEAK) sold the assets for $334 million. Although the REIT disclosed the sale during its first-quarter results last week, further details, including the buyer, weren’t disclosed at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management …

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AcquisitionsMinnesotaNewsOperationsWisconsin

Lifesprk to Acquire Tealwood Senior Living, Bill Thomas to Spearhead New Model

by Jeff Shaw

MINNEAPOLIS and BLOOMINGTON, Minn. — Lifesprk, a Minneapolis-based community-based services provider, has announced plans to acquire Tealwood Senior Living, a Bloomington-based operator with 35 seniors housing communities. “The current senior housing market, accelerated by the pandemic, created significant opportunity to provide a markedly different approach to senior living,” says Joel Theisen, Lifesprk CEO. “Both Lifesprk and Tealwood are well-positioned to seize that opportunity by joining forces to serve seniors more fully, connecting them to everything they need in one system to age magnificently and transform the way people experience senior …

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AcquisitionsFinanceNew JerseyNewsSkilled Nursing

Harborview Capital Partners Arranges $24.1M Acquisition Loan for Skilled Nursing Facility in New Jersey

by Jeff Shaw

MONMOUTH COUNTY, N.J. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $24.1 million bridge-to-HUD loan for the acquisition of a 202-bed skilled nursing facility in Monmouth County. The borrower and property were not disclosed. The loan, provided by local lender features nine months of interest-only payments and a 25-year amortization. Rafael Urbach of Harborview originated the loan.

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AcquisitionsNewsSkilled NursingTexas

SLIB Brokers Sale of 108-Bed Windsor Rehabilitation Center in Terrell, Texas

by Jeff Shaw

TERRELL, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Windsor Rehabilitation & Health Care Center, a skilled nursing facility in Terrell, approximately 30 miles east of Dallas. The 108-bed facility was built in 1994. The 41,140-square-foot building sits on 5.2 acres. The seller was a regional company with this being its only community in Texas. The buyer was a national owner-operator with a large portfolio in the state. The price was not disclosed.

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AcquisitionsAffordable HousingDevelopmentNewsOhio

Evergreen Acquires Affordable Community in Downtown Cleveland, Plans $18M Historic Renovation

by Jeff Shaw

CLEVELAND —Evergreen Real Estate Group has acquired Carter Manor Apartments, an affordable seniors housing community in downtown Cleveland, for an undisclosed price. Evergreen plans to update the 270-unit apartment tower through an $18 million capital improvement program that will preserve the building’s historic facade and restore other original design elements. The 11-story property comprises a mix of 33 studio, 209 one-bedroom and 28 two-bedroom apartments, all of which will be preserved as affordable housing for seniors and disabled individuals. Evergreen will both own and manage the community. Designed by architect …

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AcquisitionsAssisted LivingNewsWisconsin

SLIB Arranges Sale of 255-Unit Assisted Living Portfolio in Wisconsin

by Jeff Shaw

OSHKOSH and WAUKESHA, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of three assisted living communities in Wisconsin. A publicly traded REIT sold the assets to reduce the number of buildings leased to a specific tenant. The buyer was a private, regional owner with assets in the area. The price was not disclosed. The portfolio consists of Mission Creek in Waukesha, a suburb of Milwaukee, and Bella Vista and Lakeshore Manor, located one mile apart in Oshkosh, approximately 45 miles southwest of Green Bay. Mission Creek is …

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AcquisitionsCCRCMichiganNews

Sage Healthcare Partners Wins Bankruptcy Auction, Will Buy Henry Ford Village CCRC for $76.3M

by Jeff Shaw

DEARBORN, Mich. — An affiliate of Sage Healthcare Partners has been awarded the winning bid to acquire Henry Ford Village out of bankruptcy. Located on 35 acres, Henry Ford Village is a continuing care retirement community (CCRC) in the Detroit suburb of Dearborn. Sage’s bid of $76.3 million exceeded the $69M stalking horse bid placed by MED Healthcare Partners in March. The transaction is subject to bankruptcy court approval, as well as regulatory approvals and customary closing conditions. In accordance with the terms outlined in the asset purchase agreement presented …

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AcquisitionsIndependent LivingNewsTexas

SLIB Negotiates Sale of Lakeland Hills Senior Living in Dallas

by Jeff Shaw

DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas. The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently delicensed, and the entire building was again operated as independent living. The Seller, Valstone, had recently closed on the asset in November of 2020 and had intended to stabilize. However, it was an operational outlier, so Valstone elected to instead …

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AcquisitionsAlaskaAssisted LivingNews

SLIB Arranges $32.5M Sale of Community in Anchorage, Alaska

by Jeff Shaw

ANCHORAGE, Alaska — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage. The community was built in 2017, officially opening in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase. The community’s developer sold the asset to a national REIT for $32.5 million. The new owner will use a third-party operator. The REIT also is considering a joint-venture independent living expansion at the property. Vince Viverito, Brad Goodsell and …

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AcquisitionsCaliforniaNewsSkilled Nursing

CareTrust REIT Acquires El Centro Post-Acute Center in California

by Jeff Shaw

EL CENTRO, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center. El Centro is located in Imperial County near the border with Mexico. The facility has been added to CareTrust’s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. Terms of the transaction were not disclosed. Scott Kirby, Bayshire’s CEO, found the El Centro opportunity after the …

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